Profusa, Inc.
For the period ended Dec 31, 2025. Filed Apr 15, 2026.
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FY2025 · Filed Apr 15, 2026
PFSA$0.55+2.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Government grant revenue | $— | $100 |
| Operating expenses: | ||
| Research and development | 2,804 | 1,608 |
| General and administrative | 24,902 | 2,992 |
| Total operating expenses | 27,706 | 4,600 |
| Loss from operations | (27,706) | (4,500) |
| Other income (expenses) | ||
| Loss on change in the fair value of convertible notes(1) | (3,378) | (311) |
| Gain on the change in fair value of warrant liabilities | 895 | — |
| Loss on the change in fair value of digital assets | (555) | — |
| Interest expense (including related parties amounts of $1,330 and $2,400 for the years ended December 31, 2025 and 2024, respectively) | (2,521) | (4,424) |
| Financing costs | (2,574) | — |
| Other income | 16 | 5 |
| Total other expense, net | (8,117) | (4,730) |
| Net loss | $(35,823) | $(9,230) |
| Net loss per share, basic and diluted | $(107.01) | $(357.14) |
| Weighted-average common shares outstanding, basic and diluted | 334,762 | 25,844 |
| (1) | Loss on change in the fair value of convertible notes comprises of $3.1 million in aggregate loss on the change in fair value of loans payable, Tasly convertible notes and convertible promissory notes, and $0.3 million in cash interest paid on the Company’s loans payable for the year ended December 31, 2025. |
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